fbpx

A Crypto Reinforcement in Iran? License to be Required For Exchanges to Operate.

Crypto Reinforcement in Iran

A Crypto Reinforcement in Iran? License to be Required For Exchanges to Operate.

Since 2017, the government has issued licenses to over 1,000 cryptocurrency miners, and one of the latest being a Bitcoin mining farm with a capacity of 6,000 miners.

However, the Iranian lawmakers have recently decided to put a curb on cryptocurrency exchanges operation in the country, by enforcing a new law to prevent “Currency smuggling”.

Cryptocurrency exchanges would then have to obtain a license from the country’s central bank in order to operate and obey the current guideline for foreign currency exchanges.

Image source: Steven Su, Unsplash

The biggest issue for Iran’s blockchain economy would be its effect on the digital currency businesses. How will they be carrying out their business in the future with the additional traditions designed for traditional finances along with the process of registration?

This could be a crucial event for the country’s digital expansion as any violation of the proposed law would land the business operators in jail along with a heavy fine.

Read more: Roger Ver explores: BCH Soaring to $1K, resulted by halving

Due to the rising popularity of cryptocurrency mining due to the country’s low electricity costs. It is reported that most of Iran’s crypto exchanges had registered its businesses outside of Iran. Thus the reinforcement plans are still unclear.

For more live updates follow our social media accounts now:

Facebook: @Digifinex.global

Twitter: @DigiFinex

Instagram: @Digifinex.global

You can share this post on

Share on facebook
Share on twitter
Share on telegram
Share on whatsapp
Share on reddit
Share on linkedin
Reletad Post
DigiFinex AMA

DigiFinex AMA Recap | Seamless Integration of Digital Assets and E-Commerce

E-commerce is rising at an exponential rate in these recent years, and no one can doubt its potential with the audience group growing larger and larger. But how could one benefit at the same time while shopping? To be exact, to earn while shopping? Nikolay Shkilev, Co-Founder and CEO of ZELWIN.com will be able to answer that for you.

%d bloggers like this: